MOL in talks to acquire stake in sanctioned Serbian oil firm NIS
NIS is Serbia’s sole oil refiner and operator of 327 service stations.
Hungarian energy group MOL is negotiating to buy a stake in Serbia’s Naftna Industrija Srbije (NIS), which is under U.S. sanctions due to Russian ownership, a senior Hungarian official confirmed on Thursday.
Gergely Gulyás, chief of staff to Prime Minister Viktor Orbán, said at a press briefing that MOL (not the government) is in discussions over the potential deal. “The cabinet would support such an agreement,” Gulyás added during the conference streamed on the government’s YouTube channel.
Orbán, visiting Belgrade, pledged Hungary’s assistance in resolving Serbia’s energy challenges. “We will help Serbia with energy-related issues,” he said alongside Serbian President Aleksandar Vučić, according to footage aired by public broadcaster RTS.
NIS, Serbia’s sole oil refiner and operator of 327 fuel stations, is 44.85% owned by Gazprom Neft, a subsidiary of Russian energy giant Gazprom. The U.S. Treasury sanctioned NIS in January, demanding a full Russian exit. Restrictions took effect in October, cutting off crude imports via Croatia and threatening a shutdown of the Pančevo refinery.
Vučić said Serbia is ready to buy out Russian stakes if no third-party deal is reached within 50 days. Abu Dhabi’s ADNOC is also reportedly in talks. OFAC has granted temporary operating licenses to NIS while ownership negotiations continue.
The potential MOL acquisition underscores Hungary’s strategic push to secure regional energy assets amid ongoing geopolitical tensions and Western sanctions on Russian-linked firms.
